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What Are the 4 Ps of Marketing?

• Understanding the 4 Ps

4. Promotion

How to use the 4 ps of marketing in your marketing strategy, the bottom line.

• Business Essentials

4 Ps of Marketing: What They Are & How to Use Them Successfully

Product, price, place, and promotion are the four Ps in a winning "marketing mix"

The four Ps of marketing are:

These are the key factors that are involved in introducing a product or service to the public. Often referred to as a marketing mix , they provide a framework that companies can use to successfully market a product or service to consumers. Since the four Ps were introduced in the 1950s, more Ps have been added to the mix, including people, process, and physical evidence.

Key Takeaways

• The four Ps are the four essential factors involved in marketing a product or service to the public.
• The four Ps are product, price, place, and promotion.
• The concept of the four Ps has been around since the 1950s. As the marketing industry has evolved, other Ps have been identified: people, process, and physical evidence.

Investopedia / Julie Bang

Understanding the 4 Ps of Marketing

Neil Borden, an advertising professor at Harvard, popularized the idea of the marketing mix—and the concepts that would later be known primarily as the four Ps—in the 1950s. His 1964 article "The Concept of the Marketing Mix" demonstrated the ways that companies could use advertising tactics to engage their consumers.

Decades later, the concepts that Borden popularized are still being used by companies to advertise their goods and services.

Borden's ideas were developed and refined over a number of years by other key players in the industry. E. Jerome McCarthy, a marketing professor at Michigan State University, refined the concepts in Borden's article and named them the "four Ps" of marketing. McCarthy co-wrote the book Basic Marketing: A Managerial Approach , further popularizing the idea.

At the time the concept was introduced, it helped companies breach the physical barriers that could hamper widespread product adoption. Today, the Internet has helped businesses to overcome some of these barriers.

People, process, and physical evidence are extensions of the original Four Ps and are relevant to current trends in marketing.

Any successful marketing strategy should be revisited from time to time. The marketing mix you create is not intended to be static. It needs to be adjusted and refined as your product grows and your customer base changes .

Creating a marketing campaign starts with an understanding of the product itself. Who needs it, and why? What does it do that no competitor's product can do? Perhaps it's a new thing altogether and is so compelling in its design or function that consumers will have to have it when they see it.

The job of the marketer is to define the product and its qualities and introduce it to the consumer.

Defining the product also is key to its distribution. Marketers need to understand the life cycle of a product , and business executives need to have a plan for dealing with products at every stage of the life cycle.

The type of product also dictates in part how much it will cost, where it should be placed, and how it should be promoted.

Many of the most successful products have been the first in their category. For example, Apple was the first to create a touchscreen smartphone that could play music, browse the internet, and make phone calls. Apple reported total sales of the iPhone for FY 2022 at $205.4 billion. In 2021, it hit the milestone of 2 billion iPhones sold.

Price is the amount that consumers will be willing to pay for a product. Marketers must link the price to the product's real and perceived value, while also considering supply costs, seasonal discounts, competitors' prices, and retail markup.

In some cases, business decision-makers may raise the price of a product to give it the appearance of luxury or exclusivity. Or, they may lower the price so more consumers will try it.

Marketers also need to determine when and if discounting is appropriate. A discount can draw in more customers, but it can also give the impression that the product is less desirable than it was.

UNIQLO, headquartered in Japan, is a global manufacturer of casual wear. Like its competitors Gap and Zara, UNIQLO creates low-priced, fashion-forward garments for younger buyers.

What makes UNIQLO unique is that its products are innovative and high-quality. It accomplishes this by purchasing fabric in large volumes, continually seeking the highest-quality and lowest-cost materials in the world. The company also directly negotiates with its manufacturers and has built strategic partnerships with innovative Japanese manufacturers.

UNIQLO also outsources its production to partner factories. That gives it the flexibility to change production partners as its needs change.

Finally, the company employs a team of skilled textile artisans that it sends to its partner factories all over the world for quality control. Production managers visit factories once a week to resolve quality problems.

Place is the consideration of where the product should be available—in brick-and-mortar stores and online—and how it will be displayed.

The decision is key: The makers of a luxury cosmetic product would want to be displayed in Sephora and Neiman Marcus, not in Walmart or Family Dollar. The goal of business executives is always to get their products in front of the consumers who are the most likely to buy them.

That means placing a product only in certain stores and getting it displayed to the best advantage.

The term placement also refers to advertising the product in the right media to get the attention of target consumers.

For example, the 1995 movie GoldenEye was the 17th installment in the James Bond movie franchise and the first that did not feature an Aston Martin car. Instead, Bond actor Pierce Brosnan got into a BMW Z3. Although the Z3 was not released until months after the film had left theaters, BMW received 9,000 orders for the car the month after the movie opened.

The goal of promotion is to communicate to consumers that they need this product and that it is priced appropriately. Promotion encompasses advertising, public relations, and the overall media strategy for introducing a product.

Marketers tend to tie together promotion and placement elements to reach their core audiences. For example, In the digital age, the "place" and "promotion" factors are as much online as offline. Specifically, where a product appears on a company's web page or social media, as well as which types of search functions will trigger targeted ads for the product.

The Swedish vodka brand Absolut sold only 10,000 cases of its vodka in 1980. By 2000, the company had sold 4.5 million cases, thanks in part to its iconic advertising campaign. The images in the campaign featured the brand's signature bottle styled as a range of surreal images: a bottle with a halo, a bottle made of stone, or a bottle in the shape of the trees standing on a ski slope. To date, the Absolut campaign is one of the longest-running continuous campaigns of all time, from 1981 to 2005.

The four Ps provide a framework on which to build your marketing strategy. Think through each factor. And don't worry when the factors overlap. That's inevitable.

First, analyze the product you will be marketing. What are the characteristics that make it appealing? Consider similar products that are already on the market. Your product may be tougher, easier to use, more attractive, or longer-lasting. Its ingredients might be environmentally friendly or naturally sourced. Identify the qualities that will make it appealing to your target consumers.

Think through the appropriate price for the product. It's not simply the cost of production plus a profit margin. You may be positioning it as a premium or luxury product or as a bare-bones, lower-priced alternative.

Placement involves identifying the type of store, online and off, that stocks products like yours for consumers like yours.

Promotion can only be considered in the context of your target consumer. The product might be appealing to a hip younger crowd or to upscale professionals or to bargain hunters. Your media strategy needs to reach the right audience with the right message.

When Did the 4 Ps Become the 7 Ps?

The focus on the four Ps—product, price, place, and promotion—has been a core tenet of marketing since the 1950s. Three newer Ps expand the marketing mix for the 21st century.

• People places the focus on the personalities who represent the product. In the current era, that means not only sales and customer service employees but social media influencers and viral media campaigns.
• Process is logistics. Consumers increasingly demand fast and efficient delivery of the things they want, when they want them.
• Physical evidence is perhaps the most thoroughly modern of the seven Ps. If you're selling diamond jewelry on a website, it must be immediately clear to the consumer that you are a legitimate established business that will deliver as promised. A professionally designed website with excellent functionality, an "About" section that lists the principals of the company and its physical address, professional packaging, and efficient delivery service are all critical to convincing the consumer that your product is not only good, it's real.

What Are Some Examples of the 4 Ps of Marketing?

• Place refers to where consumers buy your product, or where they discover it. Today's consumers may learn about products and buy them online, through a smartphone app, at retail locations, or through a sales professional.
• Price refers to the cost of the product or service. Properly determining product price includes an analysis of the competition, the demand, production costs, and what consumers are willing to spend. Various pricing models may be considering, such as choosing between one-time purchase and subscription models.
• The product a company provides depends on the type of company and what they do best. For example, McDonald's provides consistent fast food in a casual setting. They may expand their offerings, but they wouldn't stray far from their core identity.
• Promotion refers to specific and thoughtful advertising that reaches the target market for the product. A company might use an Instagram campaign, a public relations campaign, advertising placement, an email campaign , or some combination of all of these to reach the right audience in the right place.

How Do You Use the 4 Ps of Marketing?

The model of the 4Ps can be used when you are planning a new product launch, evaluating an existing product, or trying to optimize the sales of an existing product.

A careful analysis of these four factors—product, price, place, and promotion—helps a marketing professional devise a strategy that successfully introduces or reintroduces a product to the public.

The four Ps of marketing—product, price, place, promotion—are often referred to as the marketing mix. These are the key elements involved in planning and marketing a product or service, and they interact significantly with each other. Considering all of these elements is one way to approach a holistic marketing strategy .

Neil Borden. " The Concept of the Marketing Mix ."

E. Jerome McCarthy. "Basic Marketing: A Managerial Approach." Richard D. Irwin, Inc., 1960.

Apple. " Condensed Consolidated Statements of Operations (Unaudited) Q4 2022 ," Page 1.

Apple Insider. " At 2 Billion iPhones Sold, Apple Continues to Redefine What Customers Want ."

Harvard Business School: Technology and Operations Management. " UNIQLO: What’s Behind the Low-Cost High-Quality Casual Wear? "

Smart Insights. " Campaign of the Week: The Longest Running Print Ad Marketing Campaign in History ."

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What Are the 4 Ps of Marketing? The Marketing Mix Explained [Example]

Published: October 03, 2023

If you've been a marketing professional for years now, learning about the four Ps of marketing might seem like a throwback to you.

However, for those of us who work in the industry but didn't study marketing in college, it's entirely possible you haven't heard of the marketing mix.

Below, let's learn about the four Ps of marketing and how they're still relevant in today's marketing landscape.

What are the 4 Ps of marketing?

The four Ps of marketing are product, price, place, and promotion. These are the key factors that are involved in marketing a product or service. You take the four Ps into account when creating strategies for marketing, promoting, advertising, and positioning your product or brand.

The four Ps are meant to help marketers consider everything about a product or service when they're deciding how to market it for their business. Framing your marketing around the four Ps will help you learn what the competition is doing and what customers want from you.

How to Use the 4 Ps of Marketing

You can use the four Ps to answer questions about the product, price, place, and promotion of your product or service.

For example, you can ask yourself:

• Product : How does your product meet your customer's needs? What problem(s) does it solve? What unique value or features does it offer?
• Price : What is the value of your product? What are my competitors charging?
• Place : Where are customers looking for your product?
• Promotion : How can you differentiate your product from competitors? Where can you reach your audience?

Always consider the needs and preferences of your target audience. Ultimately, your product, its price, its place of distribution, and its promotional strategies should appeal to your customers the most.

Thinking about your marketing in terms of the four Ps will help you strategize how to reach your customers. The 4 Ps of Marketing are also known as your marketing mix — more on that below.

What is the marketing mix?

The marketing mix is also known as the four Ps of marketing. It refers to the four key elements of a marketing strategy: product, price, place, and promotion. These elements guide the marketing initiatives, wording, and positioning for a product or brand.

Free Marketing Mix Templates

Map out your marketing mix with these free templates

You're all set!

Click this link to access this resource at any time.

To develop a marketing mix, you'll need to think about how you can uniquely position your brand amongst the competition. The most important part of thinking about the marketing mix — or the four Ps of marketing — is to understand the customer, the competition, and your company. You'll evaluate your product and how to promote it.

But getting started isn’t easy. That’s why we’ve created the ultimate collection of marketing mix templates you can use to visualize your marketing mix and share it with your employees or investors. Use the templates to organize your initiatives and activities by the right section.

Featured Resource: Marketing Mix Templates

Click here to download the templates for free .

Use the template to follow along with the 4 Ps of marketing below.

The 4 Ps of Marketing (Example)

1. the first p of marketing: product.

When you think about your product, consider exactly what you're selling. Is it a specific product? Or is it a service? Your product can be a physical product, an online app, or a service such as house cleaning. Really, anything that you're selling is the product.

Then, think of your brand messaging, the services you offer, and even packaging. When you define your product, think about what problem your product solves for your customers. Consider how your product is different from competing products. What features are unique to your product?

It's important to know your product intimately so you can market it.

Product Example

We’ll use Marketing Hub as an example.

What is it? “Marketing automation software to help you attract the right audience, convert more visitors into customers, and run complete inbound marketing campaigns at scale — all on one powerful, easy-to-use platform.”

Who is it for? Modern marketers who juggle too much data and who are stuck with impossible-to-use software solutions that make their job harder, not easier.

Which features does it have? Marketing Hub offers blogging, SEO, social media management, email marketing, and ad tracking tools in a single, intuitive platform.

What problem does it solve? Marketing Hub simplifies the marketing automation process for busy marketers by bringing all data and tools under one roof.

2. The Second P of Marketing: Price

When it comes to price, you have to consider how much you're going to charge customers for your products or services. Of course, you need to make a profit.

When coming up with your pricing strategy , you also need to think about what competitors are charging for the same product or service and how much customers are willing to pay. You can also think about what discounts or offers you can use in your marketing.

When you decide on a price, you want to think about perception. Do you want to be known as a cost-effective option in your industry? Or perhaps you're a luxury brand and the price is slightly higher than competition on the market. Keep in mind that pricing SaaS products is a little different than pricing physical products.

Either way, the language you use to market your product will be greatly impacted by the price of your product.

Download a sales pricing calculator for free .

Price Example

Marketing Hub is priced to grow with you as you grow.

We offer the following subscription tiers:

• $0/month (Free)
• $45/month (Starter)
• $800/month (Professional)
• $3,200/month (Enterprise)

3. The Third P of Marketing: Place

When it comes to place, this might mean the physical location of your company, but it could also be defined as anywhere you sell your product, which might be online.

The place is where you market and distribute your product.

Remember that not every place makes sense for every product. For example, if your target market is seniors, then it won't make sense to market on TikTok. It's important to choose the right places to market your product and meet your customers where they're at.

Think about possible distribution channels and outlets you could use to sell your product. Be sure to take into account whether your business is B2B or B2C .

At this point, you'll need to think about how to market your product on all the various channels that make sense for your company.

Place Example

As a provider of a SaaS product, we offer Marketing Hub directly on our website.

Marketers can sign up for Marketing Hub by creating an account directly on our platform. We’ve created a convenient sign-up page for free subscriptions — or they can request a demo from our friendly sales team.

4. The Fourth P of Marketing: Promotion

Promotion is the bread and butter of marketing. This is when you'll think about how to publicize and advertise your product.

Additionally, you'll discuss brand messaging, brand awareness, and lead generation strategies .

When it comes to promotion, keeping communication in mind is of the utmost importance. What messages will resonate with your target market? How can you best promote your product to them?

Think about where, when, and how you'll promote your brand.

Promotion Example

We want to be where marketers are. Most importantly, we want to help them grow in their careers — as well as grow their businesses.

Our inbound marketing strategy will focus primarily on organic acquisition. We’ll promote Marketing Hub over the following channels:

• The HubSpot Marketing Blog
• HubSpot Academy

The 4 Ps of Marketing Examples: Apple and e.l.f. Cosmetics

Let's break down the 4 Ps of marketing for Apple and e.l.f. Cosmetics.

( Image Source )

• Product: iPhones, Macs, iPads, Apple Watch, AirPods, Software, and Services (i.e., Apple Music, Apple TV, iTunes, etc.).
• Price: Apple products are often priced at the higher end of the market. The brand commands premium pricing due to its reputation for innovation, quality, and design.
• Place: Consumers can purchase products online and in retail stores. Apple products are sold worldwide and have a significant global market presence.
• Promotion: Apple places a strong emphasis on cultivating a dedicated and loyal consumer base. Their marketing campaigns reinforce the idea of being part of an "Apple ecosystem." Once users buy one product — like an iPhone – they're more likely to choose other Apple products like MacBooks, iPads, Apple Watches, and more. This ecosystem fosters a deep brand loyalty. This sense of loyalty is evident in their product launches, which are a must-see event in the tech industry.

e.l.f. Cosmetics

• Product: e.l.f. offers a comprehensive range of makeup and skincare products, brushes, and beauty tools.
• Price: One of e.l.f.'s main value propositions is its affordability. Many of their products have a low price point, making the brand accessible to a wide range of consumers. Its lower price point sets it apart from other brands in the beauty space.
• Place: e.l.f. products are widely available in drugstores and big-box retailers like Target and Walmart. It also has a a strong online presence, selling products directly through their website and other online retailers.
• Promotion: As a challenger brand in the beauty space, e.l.f. seeks to establish itself as a recognizable and reliable option at the drugstore and beyond. The brand is proactive across social media, including TikTok, Instagram, and YouTube, to engage with younger demographics. In addition, their campaigns often involve user-generated content to foster a sense of community with their audience. 

Back to You

Even though marketing has changed since the four Ps were developed, the foundational elements of the industry haven't. You can apply the concepts of the marketing mix to create winning marketing strategies that help you profitably launch and promote your company’s products.

Editor's note: This post was originally published in October 2020 and has been updated for comprehensiveness.

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Organize your product, price, place, and promotion initiatives in a simple, single template.

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